Private Company Edition: First quarter data again confirm fewer but larger VC rounds in Q1. Big Q2 rounds include a $132.5m series C round for Endeavor Biomedicines, a $103m series A round for Reunion Neuroscience and Enlaza’s $100m series A.

Deal snapshot: The German biopharma will partner with Caris’s research arm to discover and validate novel targets for incorporation into first-in-class antibody-drug conjugates for cancer.

Lilly looks To Elektrofi for help on subcutaneous injectable therapies, while NAYA will merge with INVO and acquire two antibodies from Cytovia. Plus deals involving Hummingbird/Endeavor, Basilea/Gravitas/Intron, Lilly/Mablink and Sotio/Synaffix.

With strong government support over the past two decades, the Singaporean life sciences industry has matured. Initially known as a manufacturing hub, Singapore’s innovation ecosystem is now thriving, but the challenge is to cultivate commercialization power.